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SVB Capital sold; Littlejohn & Co to exit Motion Recruitment Partners; plus 6 PE deals in the traveling sector

Good morning dealmakers, thank goodness it’s Friday.

It’s Obey Martin Manayiti here with the newsletter.

First, we have news that an affiliate of Pinegrove Capital Partners that is backed by Brookfield Asset Management and Sequoia Heritage will acquire SVB Capital.

We are also looking at the staffing sector, as Littlejohn & Co has agreed to sell Motion Recruitment Partners to Kelly Services Inc for $425 million

Up next, Granite Creek Capital invests in a company that provides services to federal government entities working on public interest campaigns ranging from veteran suicide prevention to combatting terrorism and human trafficking.

And for the trend of the week, we have a listicle featuring six PE backed deals focusing on the travel sector.

SVB Capital

An affiliate of Pinegrove Capital Partners that is backed by Brookfield Asset Management and Sequoia Heritage will acquire SVB Capital, the venture capital business of the collapsed SVB Financial Group.

Upgrade to the premium version of the Wire to get more on this deal.

Get hired

Littlejohn & Co has agreed to sell Motion Recruitment Partners, a Boston-based recruitment firm, to Kelly Services.

Premium subscribers to the Wire get more on this deal.

Public interest campaigns

District Communications Group, a communications and market research firm based in Washington, DC, had all the earmarks of what Granite Creek Capital considered to be a promising addition to its portfolio: a strong management team, solid service offerings, top-notch customer relationships and commendable critical initiatives, writes my colleague Iris Dorbian.

Upgrade to the premium version of the Wire for more on this investment.

Bon voyage

With summer creeping up soon, it's about time for everyone to plan their vacations, writes Rafael Canton. Despite numerous headwinds, demand for consumer and business travel has been strong, according to a Harris Williams report.

Premium subscribers to the Wire have more on this trend, including the six deal referenced in the story.

That’s it for today. You can always reach me at obey.m@pei.group for news tips.

Chris Witkowsky will be back with the newsletter on Monday.

Have a nice weekend,

Obey

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Blue Owl Capital affirmed a $13bn target for its latest GP stakes fund. Blue Owl also held a first close of about $600m for a new mid-cap GP stakes fund, $500m of which was seed capital provided by partner Lunate, sources told Buyouts.

Despite strong performance, the small buyout segment is receiving less capital from limited partners. As is usually the case, LPs are content to stick with their deepest relationships in uncertain markets. (Buyouts)

Brookfield Asset Management and Brookfield Renewable have entered into an agreement with Microsoft to contract 10.5GW, or 30 percent, of Brookfield’s renewable capacity growth, from 2026 to 2030. (Infrastructure Investor)

Behind the curtain on PE healthcare investment: Vastly expanded powers by the US health department mean PE firms will need to provide greater transparency and accountability in how they run their healthcare businesses. (Private Equity International)

Scale versus niche – the competing claims of cleantech: A Moody’s report and a Lombard Odier white paper offer different visions of risk and opportunity for lenders in the sustainability space. (Private Debt Investor)

AlpInvest secures $6.5bn so far for latest secondaries flagship. The momentum on Fund VIII, which is targeting north of $10bn, is aiding its private equity secondaries vehicle targeting private wealth investors, according to chief executive Harvey Schwartz. (Secondaries Investor)

Scout Ventures, an early-stage investor in dual-use technologies, raised roughly 70 percent more for its fourth fund than for its previous effort, but fell short of its ambitious goal. (Venture Capital Journal)

Rishi Taparia, co-founder and general partner of Garuda Ventures, talks about growing up in Indonesia, basketball and why he has a replica of a Tyrannosaurus rex skull. (Venture Capital Journal)

They said it

“Leveraging SVB Capital's extensive history and track record, our partnership with Pinegrove will expand our multi-strategy platform to directly meet the unique needs of the venture capital and limited partner communities.”

— Aaron Gershenberg, founding partner and member of the operating committee at SVB Capital said on the deal announcing the sale of SVB Capital.